Oil Prices Are Offsetting Some of Their Losses Due to a Potential Obstacle to the Iran Talks

Oil prices today recovered some of last week’s losses, as a potential obstacle to reviving the 2015 nuclear deal with Iran loomed over the horizon, which could add more oil supplies, while indirect talks between Washington and Tehran are due to resume this week.

Brent crude futures for March delivery rose 38 cents, or 0.6%, to $ 66.82 a barrel, while U.S. West Texas Intermediate crude futures contracted $ 63.96 a barrel, up 38 cents, or 0.6%.

Oil prices plunged last week after Iranian President Hassan Rouhani said the United States was ready to lift sanctions on the country’s oil, banking and shipping sectors.

The Iranian parliament speaker said on Sunday that the three-month monitoring agreement between Tehran and the UN nuclear watchdog agency has ended and that its access to pictures from inside some Iranian nuclear sites will stop.

European diplomats said last week that failure to agree to extend the monitoring pact would create a crisis for broader indirect talks between Washington and Tehran on reviving the 2015 Iran nuclear deal. Those talks are due to resume in Vienna this week.